Balance Sheet, Income Statement and Cashflow
Balance sheet, Income Statement and Cashflow statement is what comprises the financial statement of a company. We will be spending a lot of time with these financial statements so it would be best to explain what they are and their differences so we don't get confused.
A Balance sheet is a financial statement where we record all the assets and liabilities of a company.
Income statement is where we record the income and expenses of a company.
The cashflow statement records the flow of cash in and out of a company.